Tennessee

Ryan Cos. Buys 11 Acres Near Nashville for $48.5M Seniors Housing Community

by John Nelson April 17, 2017

HENDERSONVILLE, TENN. — Ryan Cos. US Inc. has acquired an 11-acre land parcel in the Nashville suburb of Hendersonville. The buyer will use the property to build Clarendale at Indian Lake, a $48.5 million, 189-unit independent living, assisted living and memory care community. Project partners include LCS and Harrison Street Real Estate Capital. It will be the fourth Clarendale-branded community. The developers plan to start construction this spring for completion in fall 2018. Life Care Services, an affiliate of LCS, will operate the community once construction is completed. HFR Design, a Nashville-based architecture and engineering firm, designed the property. Bone McAllester Norton provided legal services. Terry Smith and Henry Trost of Avison Young represented Ryan Cos. in the land acquisition. The price was not disclosed.

April 17, 2017

Multifamily Southeast Tennessee

GBT Realty Begins Construction on $20M Apartment Community in Nashville

by John Nelson April 17, 2017

NASHVILLE, TENN. — GBT Realty Corp. has begun construction on Belcourt Park, a $20 million multifamily community situated on 0.7 acres in Nashville’s Hillsboro Village. Belcourt Park will include 76 units and an onsite leasing and management office. Community amenities include a Wi-Fi workspace, an espresso bar, fitness facility, patio with cabanas and fire pits and a concealed parking structure that can hold up to 84 cars. Pre-leasing is expected to start this winter with the first residents moving in no later than next spring. GBT Realty financed the development with an $11.4 million construction loan from Trustmark Corp. Belcourt Park brings GBT’s total current investment in Hillsboro Village to $65 million, including Village 21 at Regions Park.

April 17, 2017

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville Industrial Market Will Continue to Ride its Hot Hand Through 2017

by John Nelson April 17, 2017

The Nashville commercial real estate market’s growth is no longer a local secret. In fact, it very well may be one of the most desired areas for investors for an MSA with a population less than 2.5 million people. In case you haven’t heard, read or taken notice, you likely have been living under a rock. Those who call this market “hot” are making an understatement. As the downtown core sees land sites trade in excess of $13 million per acre (and in a few interesting cases eclipse $1,000 per square foot), the multifamily and hospitality markets have moved at a torrid pace. Even office rents have climbed to record highs near $40 per square foot for full service gross rates. Some covering that sector project this number will peak around the $50 per square foot mark due, in part, to the higher land costs driven by the other sectors. Multifamily developers have seized upon this growth by paying record prices for downtown real estate in hopes of capturing the fancy of Millennials as they enter the workforce. Top this off with hotel stays in downtown costing as much as those found on Times Square in Manhattan, some ponder the …

April 17, 2017

Retail Southeast Tennessee

Branch, DeFoor to Build Publix-Anchored Shopping Center in Chattanooga

by John Nelson April 12, 2017

CHATTANOOGA, TENN. — Atlanta-based Branch Properties and DeFoor Development plan to develop The Village of Waterside, a 162,000-square-foot shopping center in Chattanooga’s Hamilton Mill neighborhood. The property, which will be anchored by Publix and REI, will be situated on 22.8 acres at the intersection of Shallowford and Gunbarrel roads. This will be the first Chattanooga store for REI, an outdoor gear and apparel retailer. Branch and DeFoor expect to deliver The Village of Waterside in late summer 2018.

April 12, 2017

Office Southeast Tennessee

Dilweg Acquires Five-Story Office Building in Nashville for $17.7M

by John Nelson April 11, 2017

NASHVILLE, TENN. — The Dilweg Cos. has purchased Vantage Place, a five-story, Class B office building in Nashville’s MetroCenter submarket. The seller and sales price were not disclosed, but The Tennessean reports the sales price as $17.7 million. Built in 1981, the 167,818-square-foot property was 92 percent leased to tenants such as Centerstone Research Institute, CGS and Young Williams. The purchase of Vantage Place brings Dilweg’s Southeast holdings to nearly 6 million square feet.

April 11, 2017

Market Reports Office Southeast Southeast Market Reports Tennessee

Nashville’s Tight CBD Benefits the Metro’s Satellite Office Submarkets

by John Nelson April 10, 2017

Robust population and job growth are fueling a resurgence across all sectors of Nashville’s commercial real estate market, pushing vacancies lower, boosting rental rates and attracting strong interest from investors. With increasing demand for office space in the central business district (CBD), a rush of both in- and out-of-state developers and equity have descended on Nashville to deliver Class A product. That delivery timeline has subsequently pushed the demand for existing space to the adjacent Midtown, Wedgewood-Houston and MetroCenter submarkets. These satellite areas are benefiting from the positive absorption with existing space back-filled in record time, and some deliveries of conversions of older warehouses to hip office and retail space. CBD Construction Perhaps predictably, after the city climbed higher among the nation’s top job markets, (ranking third on NerdWallet’s list based on top cities’ unemployment rates and increase in working-age population between 2010- 2015), Nashville ranked sixth among the nation’s top cities for real estate investing in 2017, one spot higher than last year, in the annual Emerging Trends in Real Estate report put together by PricewaterhouseCooper and the Urban Land Institute. These accolades are a testament to Nashville’s crane-filled skyline, confirming that new construction is the dominant force in …

April 10, 2017

Mixed-Use Southeast Tennessee

GBT Realty Reveals New Tenants at Mixed-Use Project Underway in Nashville

by John Nelson April 5, 2017

NASHVILLE, TENN. — GBT Realty Corp. has announced the tenant lineup at Village 21 at Regions Park, a $45 million mixed-use development under construction near Vanderbilt University in Nashville. Situated at the intersection of 21st Avenue South and Wedgewood Avenue, the property will include 101 apartment residences, community amenities, 250 surface and below-grade parking spaces and 22,000 square feet of retail space that is 95 percent pre-leased. Committed retail tenants that are set to open this summer include Regions Bank, Mountain High Outfitters, The Urban Juicer, South Boutique and Taco Mama. By May, GBT Realty expects to announce a celebrity-backed restaurant concept to fill the property’s two-story restaurant and rooftop bar overlooking the intersection of 21st and Wedgewood avenues.

April 5, 2017

Loans Seniors Housing Southeast Tennessee

Harborview Capital Arranges $36.3M Acquisition Loan for Two Skilled Nursing Facilities in Nashville

by John Nelson April 3, 2017

NASHVILLE, TENN. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged $36.3 million in financing for the acquisition of two skilled nursing facilities in Nashville. The financing includes senior acquisition and capital expenditure loans, as well as a line of credit. The acquisition loan features 12 months of interest-only payments and partial recourse at an 85 percent loan-to-cost rate. The interest rate will float at a level of LIBOR plus 235. Harborview’s Eli Kutner arranged the financing. The borrower and names of facilities were not disclosed.

April 3, 2017

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Accelerating Demand, Deliveries Set the Tone for Nashville’s Apartment Market

by John Nelson April 3, 2017

The Nashville multifamily market’s roll continued through the end of 2016 with nearly 6,400 units absorbed, a 10 percent increase compared to 2015, according to Axiometrics. This demand was fueled by steady employment growth of nearly 28,000 new jobs, led by world-class healthcare employers, educational institutions and a burgeoning tech scene. The rate of job growth in Nashville is currently about 50 percent faster than the national level, and as a top destination for young people and the creative class, it’s becoming a cultural and entertainment destination that’s nationally recognized. Rental rates grew on average by 5.6 percent in 2016, buoyed by the fact Nashville had the nation’s second-highest rate of wage growth at 5.3 percent, behind only the Silicon Valley tech hub of San Jose, according to Headlight Data. Average market occupancy remained tight at an average rate of 96 percent, with the Murfreesboro, Southeast Nashville (Antioch) and Sumner County submarkets being the highest performers to end the year. Four submarkets saw rent growth over 7 percent in 2016, including Southeast Nashville, Wilson County/Hermitage, Airport/Briley Parkway and Rivergate/Hendersonville. Submarkets with concentrations of new supply lagged the market average, highlighted by Downtown and Williamson County. Transaction volume set a new …

April 3, 2017

Office Southeast Tennessee

Serendipity Labs Coworking to Open New Location in Downtown Nashville

by John Nelson March 30, 2017

NASHVILLE, TENN. — Serendipity Labs Coworking, a shared office space concept, has signed a lease for 15,000 square feet of space within the L & C Tower complex in downtown Nashville. Serendipity Labs will occupy the first two floors at 159 4th Ave. N., which will feature a work lounge, team rooms, private offices, a café and event space. Serendipity Labs’ development partner for Nashville, SLN Capital LLC, is an entity owned by Dan McEwan, CEO of Memphis-based Maximum Hospitality, a Starwood Preferred Management Company. SLN Capital LLC signed the lease with landlord CIM Group. McEwan expects to open the newest Serendipity Labs location in early August. New York-based Serendipity Labs has six current locations with approximately 100 locations under development across the country. McEwan expects to open additional Serendipity Labs locations in the Nashville area in the near future.

March 30, 2017

Newer Posts

Older Posts